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Thomas Sargent face à Robert Lucas : une autre ambition pour la Nouvelle Economie Classique

Author

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  • Aurélien Goutsmedt

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

The article shows that Sargent's view of macroeconomics is in contrast with Lucas' one. According to the latter, assumptions in a model are un-realist, the model do not aim at representing reality. It is rather a simulation tool to enable the evaluation of different economic policies. The Lucasian ideal reflects a belief in a macroeconomist who is an engineer in charge of the production of a "software for economic policies" used by governmental authorities. And he is the one who handles the software to help policy choices on a scientific basis. Concerning Sargent, he believed that in order to replace the Keynesian paradigm, New Classical Economics had to be able to succeed in the same tasks. And one of these tasks was to advise political power by bringing some telescope to read current economic phenomenon and some intuitive ideas to debate on economic policy. Sargent sought to implement what he called the Rational Expectations Theory to some concrete cases (Poincaré Stabilization, German Hyperinflation, Thatcher and Reagan policies) to show the relevance of such a framework to think about current economic issues.

Suggested Citation

  • Aurélien Goutsmedt, 2017. "Thomas Sargent face à Robert Lucas : une autre ambition pour la Nouvelle Economie Classique," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01489232, HAL.
    • Handle: RePEc:hal:cesptp:halshs-01489232
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01489232
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    Cited by:

    1. Aurélien Goutsmedt, 2017. "Stagflation and the crossroad in macroeconomics: the struggle between structural and New Classical macroeconometrics," Documents de travail du Centre d'Economie de la Sorbonne 17043, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    2. Aurélien Goutsmedt & Goulven Rubin, 2018. "Robert J. Gordon and the introduction of the natural rate hypothesis in the Keynesian framework," Post-Print halshs-01821825, HAL.
    3. Goutsmedt, Aurélien & Sergi, Francesco & Guizzo, Danielle, 2019. "An Agenda without a Plan: Robert E. Lucas's Trajectory throught the Public Debate," OSF Preprints 7jpa9, Center for Open Science.
    4. Goutsmedt, Aurélien, 2019. "Macroeconomics at the Crossroads: Stagflation and the Struggle between "Keynesian" and New Classical Macroeconometric Programs," OSF Preprints y364t, Center for Open Science.

    More about this item

    Keywords

    Rational Expectations; New Classical Economics; Macroeconomics History; Histoire de la macroéconomie; Nouvelle Economie Classique; Anticipations rationnelles;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-

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